POORHOUSE

11.07.11

Census: Age-Wealth Gap Soars in U.S.

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A Pew Research study released Monday show a shocking spike in the wealth gap between old and young in the U.S. For example, households headed by people over the age of 65 are 47 times wealthier than those led by people under the age of 35. Some disparity is expected, as it takes time to accumulate wealth. The gap, however, has doubled since 2005, and 25 years ago it was only 10 to 1. The latest recession has hit young workers especially hard and forced many to take on debt to attend school. The elderly, meanwhile, have been kept afloat by programs such as Social Security and Medicare.